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USDCAD Clears Resistance With Next Level North Of 1.36

CANADA
  • USDCAD has pushed to session highs of 1.3528, extending a move that started before U.Mich and continued with its risk-off implications.
  • The BoC’s SLOS for now helps consolidate the increase, showing a sizeable tightening in lending conditions across household and less so business lending.
  • Breaking its particularly tight range around 1.349 since second half yesterday, it has pushed above resistance at 1.3518 (50-day EMA) after which there is no material resistance seen until 1.3640 (May 3 high).

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